Winter is Time for Homestead Exemptions, Big Jobs, Ceiling Fans, & HVACs [[+]] Austin Area Home Sales Remain Strong Despite Continuing Higher Rates: Chuck Farr’s December 2023 Newsletter

Happy Holidays, homeowners, tenants, prospective buyers, and real-estate investors. If you bought a home this year and if you live there (it is not an investment) and you did not already do so, make a note to file your homestead exemption in January 2024 (also check on disability and over 65 exemptions if applicable) at your local county tax office to save money on property taxes. It can save you thousands of dollars next year.

In the News: The Austin Board of REALTORS® says that in November, ‘The median home price across the Austin Round-Rock MSA dropped 8.4% to $424,450 last month, indicating Austin’s housing supply is becoming available at lower price points, but remains considerably elevated relative to pre-pandemic levels according to the Austin Board of REALTORS® November 2023 Central Texas Housing Market Report. While mortgage rates remain elevated, the Central Texas housing market experienced a slight increase in residential homes sold across the MSA, rising 0.2% to 2,065 total sales.

‘“Buyers in Central Texas now have a more abundant selection of homes to peruse than in previous years,” Ashley Jackson, 2023 ABoR president, said. “The drop in median home prices indicates buyers can be a little more selective in the search for a home that checks all their boxes.”

‘In November, sales dollar volume dropped 5.7% year over year to $1,117,612,190 across the MSA. Homes spent an average of 75 days on the market, up 18 days from November 2022, while housing inventory increased 0.7 months to 3.7 months of inventory. New listings rose 11.6% year over year to 2,676 listings, active listings increased 7.2% year- over year to 9,334 listings and pending listings rose 9.2% year over year to 2,065 listings.

‘Clare Losey, Ph.D., housing economist for ABoR, noted that elevated mortgage rates are contributing to the decline in home prices and an increase in active listings as homes remain on the market for longer.

‘“A rise in mortgage rates reduces buyers’ purchasing power, so the moderation in home prices helped to offset some of the decline in affordability. However, rates peaked in late October and early November, signaling a rise in buyers’ purchasing power moving into 2024.”’ (Check the complete [[ABoR Central Texas Housing Report]] for more details and data!)

Winter Home Maintenance Tips: Winter is here--and has its own home maintenance checklist in Central Texas. Here are a few items to consider during December:

• Outdoor Tasks:
  

  • We had a late and beautiful leaf bloom this year in Nov/Dec. (I have not started raking mine!) Rake leaves and shred to use as mulch or dispose of them based on local guidelines.

  • If you are considering doing some big jobs, like HVAC, external painting, or roofing repair/replacement, remember that this is the slow season for many contractors, and you may get a better price and quicker scheduling now.

  • Clean gutters and downspouts if you did not in the Fall. Call your gutter company to get those gutters cleaned and inspected. Your workers should also inspect the roof for any loose or broken tiles.

  • Don’t forget to protect your people, pipes, plants, and pets when freezes come to town. Web search for “4Ps winterization” for details.
    

• Indoor Tasks:
  

  • If you have ceiling fans, consider switching the rotation of the blades to conserve energy and feel warmer in winter months. Usually this means running the ceiling fan at a slow speed and switching the rotation from counterclockwise to clockwise in winter months. [[Watch this video for details.]]

  • Have your furnace professionally inspected if you did not in the Fall; make sure they check for carbon monoxide leaks. Remember to change out your indoor HVAC filters on a regular schedule.

  • Dryer vents: Clothes dryers cause 2,900 fires a year, with many fires happening in the Fall and Winter, according to the United States Fire Administration. Lint is a major culprit, so have your dryer vent inspected and cleaned annually by an HVAC specialist who specializes in ductwork or dryer vents.

Market Snapshots: As a cost-cutting measure for my business, I will soon discontinue sending clients a quarterly Market Snapshot of their neighborhoods. I know that many people like to see what kinds of activity and prices are happening around their homes.

Issues of this and previous newsletters are located on the Blog tab of my website at [[www.chuckfarr.com]].